Australia reported net 6.6K job losses in March 2024 instead of the estimated 7.2K increase in hiring, far below the earlier 117.6K gain, bringing the unemployment rate up from 3.7% to 3.8%.
Underlying data showed that the losses were mostly due to declines in part-time employment, which fell by 34.5K, offsetting the gains in full-time hiring of 27.9K.
- Net employment change: -6.6K (+7.2K forecast, +117.6K previous)
- Unemployment rate: 3.8% (3.9% forecast, 3.7% previous)
- Full-time employment up by 27.9K
- Part-time employment down by 34.5K
- Labor force participation rate down from 66.7% to 66.6%
Although the jobless rate was still a notch lower than the 3.9% consensus, components of the figure revealed that labor force participation dipped from 66.7% to 66.6% to reflect weaker confidence in the jobs market.
Link to Australia’s employment change report for March 2024
Market Reactions
Australian Dollar vs. Major Currencies: 5-min
The Aussie was already starting to sell off prior to the release of the actual jobs figures, as market players were likely pricing in a disappointing read.
Interestingly enough, AUD pulled higher upon seeing the actual numbers, possibly due to profit-taking off the earlier short positions.
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